HB2887 S FIN AMT

Rodgers 7949

The Committee on Finance moved to amend the bill by striking out the title and substituting therefor a new title, to read as follows:

Eng. Com. Sub. for House Bill 2887–A Bill to amend and reenact §18B-1-1d of the Code of West Virginia, 1931, as amended, relating to retirement and separation incentives; providing that higher education institutions may provide incentives for retirement in response to a decline in state revenues supporting said higher education institutions; providing that higher education institutions must present policies involving incentives for retirement to the Joint Committee on Pensions and Retirement and those policies must be approved before being implemented; allowing a lump sum payment to an employee to be excluded from calculation of employees average final salary; allowing for continuation of employee’s full salary for a predetermined time to be a reduced continuation salary; allowing an employee who is sixty-five or older, eligible for retirement and vested to retire without additional costs to the higher education institution; and requiring that the institution must enter into a memoranda of understanding with the Public Employees Insurance Agency and any affected retirement system and that memoranda of understanding must be approved by the Joint Committee on Pensions and Retirement prior to implementation of any incentive plan.